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A recent surge in real estate sales activity has caused the Canadian Real Estate Association to sharply revise its expectations for price drops in British Columbia Markets.
CREA, in its forecast released Thursday, estimated that B.C.`s average price will drop less than 7 per cent to $423,300 over 2009, which eases off from the 10.6 per cent drop to $406,300 in the forecast the realtors` association released in February.
For 2010, CREA is now predicting that B.C. prices will start edging up again by almost two per cent compared with a 2010 drop of 0.6 per cent written into the February forecast.
"Monthly resale housing activity improved as the first quarter progressed," Grogory Klump, CREA`s chief economist said in a news release, "entering the second quarter on a rising trend [that is] closing in on levels last seen before [the sales trend] fell sharply late last year."
B.C. sales rose from the previous month in April, the B.C. Real Estate Association said Thursday in a news release, as buyers were drawn back into the market by lower prices and rock-bottom mortgage rates.
And the inventory of unsold homes across the province dropped to the lowest level in 12 months, the association said in a news release edging the ratio of sales to active listings close to the zone housing economists consider balanced between buyers and sellers.
Read the full article here.
CREA, in its forecast released Thursday, estimated that B.C.`s average price will drop less than 7 per cent to $423,300 over 2009, which eases off from the 10.6 per cent drop to $406,300 in the forecast the realtors` association released in February.
For 2010, CREA is now predicting that B.C. prices will start edging up again by almost two per cent compared with a 2010 drop of 0.6 per cent written into the February forecast.
"Monthly resale housing activity improved as the first quarter progressed," Grogory Klump, CREA`s chief economist said in a news release, "entering the second quarter on a rising trend [that is] closing in on levels last seen before [the sales trend] fell sharply late last year."
B.C. sales rose from the previous month in April, the B.C. Real Estate Association said Thursday in a news release, as buyers were drawn back into the market by lower prices and rock-bottom mortgage rates.
And the inventory of unsold homes across the province dropped to the lowest level in 12 months, the association said in a news release edging the ratio of sales to active listings close to the zone housing economists consider balanced between buyers and sellers.
Read the full article here.